Sen. Cornyn visits Waco to discuss future of Trump tax cuts with small business owners

Yahoo

5 days ago

WACO, Texas (FOX 44) — U.S. Sen. John Cornyn made a stop in Waco on Tuesday to meet with small business owners and discuss the future of the 2017 Tax Cuts and Jobs Act (TCJA), a signature piece of legislation passed during President Donald Trump's first administration that is set to expire at the end of 2025.
Cornyn, a Texas Republican and member of the Senate Finance Committee, is traveling across the state to hear directly from entrepreneurs about how the tax cuts have affected their operations — and how extending them might help sustain growth.
The meeting was held at Sticker Universe. The senator met with John Peel of Sticker Universe, Trey Lipsitz of M, Lipsitz & Co., Kirk Zander of United Truck Equipment Company & United Truck Equipment Manufacturing, and Kyle Citrano of George`s Restaurant.
'This is important to economic growth, not only here in Waco and McLennan County, but across Texas and across the nation,' Cornyn said. 'There's a lot of challenging economic signals being sent with some of the tariff negotiations and the like, which make this even more important. We need to maintain the growth of our economy here locally, in our state, and in our nation.'
Local business owners say the tax law helped them hire more workers and reinvest in their companies. Kyle Citrano, owner of George's Restaurant, said the TCJA gave him the confidence to expand.
'I would love to grow more. I love to try and do new things. I'd love to do other kinds of things here in Waco, but I don't know if that's a possibility without those aspects,' Citrano said.
Kirk Zander, president and owner of UTEC & UTEM, warned that allowing the tax cuts to expire could have ripple effects across the workforce.
'I think businesses would just invest less, and it would just slow the whole environment of the economy,' Zander said. 'Certainly, employees would suffer —We'd probably have to lay some people off.'
According to Cornyn, letting the tax cuts expire would result in tax increases for about 60 percent of American families in 2026, and the average family of four making $75,000 a year would face a $1,500 tax increase next year. Working families would see the child tax credit cut in half, and Texans would see their taxes increase an average of $3,000.
While some Americans have expressed concern about the long-term fiscal impact of the TCJA, Cornyn said there are ways to balance the budget without targeting vulnerable populations.
'In order to begin to be fiscally responsible, we're going to have to do some hard things,' he said. 'But we are determined to do it, number one, without affecting Social Security. And number two, without affecting benefits for Medicaid recipients.'
Cornyn acknowledged that he does not expect significant support from his Democratic colleagues in extending the law.
'Many of my Democratic colleagues don't like tax cuts. They believe they are the party of government and they want to grow the government, which means more revenue, which means higher taxes,' he said.
As the 2025 expiration date approaches, the debate in Washington is heating up — and business owners in Texas are watching closely to see what Congress decides.
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